MyTravelMoney.co.uk Mystery Shop
| £600 worth of €uros | Exchange Rate | Amount of € | Mid Market Rate | % Margin applied by provider |
|---|---|---|---|---|
| Travel FX - Online | 1.221 | 733.70 | 1.238 | 1.42 |
| Moneycorp - Online | 1.216 | 731.10 | 1.238 | 1.78 |
| Icici Bank - Online | 1.214 | 729.50 | 1.238 | 1.99 |
| M & S High Street | 1.187 | 713.207 | 1.238 | 4.21 |
| HSBC - High Street | 1.160 | 697.16 | 1.238 | 6.33 |
| Moneycorp - Gatwick | 1.110 | 667.11 | 1.238 | 10.37 |
| Travelex - Heathrow | 1.108 | 665.85 | 1.238 | 10.54 |
Key Summary
- Airport bureaus apply markups of over 10% away from the ‘real exchange rate.’ Don’t be held captive by the bureaus with last minute currency purchases.
- 0% commission slogans can often hide hidden fees, namely profit built into the rate of exchange.
- The overall cheapest travel money deals can be found online, saving up to 90% versus leaving it until the last minute at airport bureaus.
- Obtaining the best deal on your holiday money can be done through online currency specialists who typically add markups from as little as 1.7% away from the mid market exchange rate.
Mystery Shop data collated is true to live recordings of rates between 12:20pm – 12:30pm, 10th June 2014. For up to date information, see live exchange rates.
Aviva Tabachnik, Partnerships Executive at MyTravelMoney comments:
“While airport bureaus and high street banks continue to apply horrific markups to the real exchange rate, UK holidaymakers are beginning to realize that it is in fact easier to buy holiday money online and it saves a ton of money, up to 90%! Hidden fees at the bureaus are often disguised with ”we offer 0% commission.” These marketing gimmicks should be banned! It is inevitable that when traveling abroad one is going to buy holiday money, but by making the right choice and choosing to do so online, for a £600 Pound exchange, you could save up to 60 Euros! Thats a whole day’s worth of meals and activities!”
For press enquiries or comment: [email protected]
Written by Moises Mendal
